For most UAE residents, it's not exactly a bolt from the blue to pass a luxury vehicle on our busy roads. But, if you happened to whizz past Dubai-based Australian expat Callaghan Walsh, you might find yourself doing a double-take. You see, far from tearing up the tarmac in a shiny new sports car, Callaghan is the proud owner of a rather more modest motor - a 2005 Toyota Land Cruiser Pickup. As a vehicle typically associated with the UAE labour industry, it might seem an odd wagon of choice for the stylish, Brisbane-born photographer. But as Callaghan explains, he had some very unique reasons for choosing his beloved vehicle.
"If I'm honest, one of the main motives I had to buy this car was nostalgia," explains Callaghan, who moved to Dubai from Sydney three and half years ago, and currently runs his own photographic company. "When I was 23, I was employed at a cattle station in the outback for about two months. I'd just left university and decided it would be a fun place to work. While I was at the station, I got to drive around in a pickup truck, which is quite similar to the Toyota. Since then, I've always wanted to have one of my own."
Unfortunately, spiralling petrol prices and the cost of owning a car in Sydney meant that buying a pickup truck in Australia was out of the question, but after moving to Dubai, Callaghan quickly discovered his dream could be a reality. "If I was still living in Sydney, I definitely wouldn't own this car," he admits. "It would probably be double the price I paid for it here and it also wouldn't be a practical vehicle for the city. But when you live in Dubai, you need to own a car, so I figured, why not?"
And it's not a decision he has any regrets about. Having brought the car three years ago, with only 72,000 kilometres on the clock for Dh80,000, Callaghan's never had cause for complaint. "Mine is the deluxe version, which basically means it's got a tape player, automatic windows and a/c. It's a pretty basic car, but I like that because it's 100 per cent reliable. I've never had to do anything to it and it's not cost me a dirham in repairs or maintenance, despite the many long journeys I've done in it."
This brings us on to Callaghan's second reason for choosing such an unusual motor. "I drive a lot and enjoy exploring new places," he explains. "I've driven through Liwa, explored Oman, and gone all the way to Salalah, which was amazing, but the main reason I had my heart set on this vehicle was because it's my ambition to drive from Dubai to Cape Town. It's something I've wanted to do for a long time and it was one of the incentives I had when choosing the car. I wanted something that was dependable enough for the trip and, while I've yet to pack up and hit the road, it's something I'd like to do one day. So it's nice to know I've got a car that's up to the job."
Adventures aside, what sort of reaction does Callaghan receive from fellow drivers? "When it comes to people moving out of the way, or letting me cut in, I honestly don't find that there is much difference to when I was driving a Yaris," he says. "That said, it's definitely a car that draws attention. The Toyota Land Cruiser pickup is traditionally a Bedouin vehicle, so I get a few laughs from locals when they see me pass by. Other people can be a bit snobbish. I recently visited a five-star hotel in Abu Dhabi and the staff refused to valet park it for me, instead making me take the service entrance. I found that quite funny."
But Callaghan takes the taunts in good faith and had no plans to trade in the Toyota any time soon. "When I first got it, my friends had a bit of a laugh at me, but they've since realised what a handy car it is for camping and off-roading. If I was going to swap it for another car, I think I'd go for a Land Rover, but for now, I've got no complaints."
motoring@thenational.ae
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
